More institutional investment for cryptocurrencies this week as well. Approximately US$ 429 Million investment brought into digital currencies.
A report being published by Reuters suggested that a great deal of investment had been injected into cryptocurrencies by institutional investment. Year 2020 was an overall huge investment year for Bitcoin and alike. For instance, the institutional investment seen in cryptocurrencies this year was the highest in the crypto industry. Similarly, when Bitcoin’s price surged in September, more institutional investment was seen to be brought in.
On Tuesday, 8th December, CoinShares reported that an additional fund of US$ 429 Million had been injected recently this week. It recorded that it was the second-highest investment volume received by CoinSharethis year. The earlier was some three weeks ago when an investment of US$ 468 Million brought investment in cryptocurrencies. The investment was reported to be brought into CoinShare, which is one of the largest digital asset manager of the world.
The details further suggested that during this year CoinShare had received over US$ 15 Billion investment. This was the ever highest recorded by CoinShare in a year.CoinShare apprised that in the year 2019, it acquired an investment of US$ 2.57 Billion only. Coinshare also told that a huge portion of this investment was for Bitcoin and in second place was Ethereum. While other prominent digital assets that received a large amount of investments at CoinShare included Litecoin, Tether, Bitcoin Cash etc.
Approximately US$ 4 Billion investment was recorded for Bitcoin at CoinShare and that too in 2020 alone, informed CoinShare.
James Butterfill, who is a strategist at CoinShare told Reuters that all this investment was received at the behest of Bitcoin. When Bitcoin’s price started to sore and surpassed US$ 19,000, a large number of individual and institutional investors moved towards CoinShare. James told that CoinShare received bulks of enquiries where investors were asking to explain Bitcoin to them.
Butterfill also stated that he is looking at the probability where Bitcoin will soon become a global asset. People will prefer Bitcoin over Gold as a better option for a store of value, he concluded. Mass adoption of Bitcoin by individuals and institutions is inevitable and will be witnessed soon, he stated.